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HomeMy WebLinkAbout0122 _ - ~ - ~ ~ :i.~:. . _ ii1~~:~~•'t ~ t Z. That, in order mono tally to protect the security o~ tKia mortpge, the mortgggor, together with, and in addition to, the monthly paymenb under the terms of the Holt secured hereby. on the first day of each month until the qid note is fully paid, will pay to the rgort- gagee the following sums' (a) An amount su(Ilcbat to provide the holder bereo! with funds to pay the next moryye imuranee pretaium U this irestrumeat and the note secured hereby are iaseer~ed, or a moaWiy chargo (in lieu of :mortgage itesuraAce pr~eium) it they am held by the Secre• tary of Houdag and Urban Development as follows: (I) If and ao Wag as aid note of even daft and fhb instrument are insured or aro reinsured under the provisions of theNatioaal Housing Act, an amount suffkieat to accumulate bl the hands of the bdder one (1) month prior to its due date the annual mortpge imwranoa premium, in order to provide such holder with lUads to pay such premium to the Secretary of Housing and (Jrbau Development pursuant to the National Housing Act. ss amended, and applicable Resulatioas thereunder; or (li) If and so long u aid note of eves date add this instrument an held by the Secretary of Housing and Urban Deveb meat, a morethly charge (in lieu of a mortgage lnsuraace premium) whkb shall be iA as amount equal to ono-twelfth (112) o! otto-balf (1/2) per eentum of the avenge out:taadiog balance due on the note computed without taking into aocotmt de• liaquencles or prepayments: (b) A sum equal to the ground Hats, U any, next due, plu= the premiums that will next became due and payable on policies of fin and other hoard hesuranee covering the mortpged property, plus taxes and assessments next due on the mortgaged property (all a: estimated by the mortgagee) less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground nab, premiums, taxes, and assessments will became delinquent, udr guns to be held by mortgagee in trust to pay said ground Hats, premiums, taxes, and special asaeamenta; and (c) All payments mentioned is the two preceding subsections of this paragraph and all payments to be made under the note second hereby shall be added together and the aggrepte amount thereof shall be paid by the raartgagor each month is a single payment to be applied by We mortgagee to the following Items in the order set forth: (I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (ia lieu of mortgage inwranee premium), as the case may be: (II) ground rents, taxes, assessments, fire, and other hazard insurance premiums: (III) interest oa the note second hereby; and (IV) amortization of the principal of said note. Any deficiency is the-unount of such a~egate monthly payment shall, unless made good by the mortgagor prior to We due date of the next such payment, constitute an event of default urMer this mort The mortgagee may collect a `gate charge" not to exceed four cents (4q) for each doilai (SI) of each payment more. than fifteen (IS~Ys in arrears to cover the extra expense involved in handWeg do- linquent payments. 3. That if the foal of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of the pay- ments actually made 6y the mortgagee, for ground Hats, taxes and as:asments and inwrance premiums, u the case may be, such excxs: if the loan rt current, at the option of the mortgagor, shall, be credited on aubaequeat payments to be made by the mortgagor. or refunded to the mortgagor. if, however, the monthly payments made by the, mort r under (b of paragraph• 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case raay be, when the same shall become due and payable, then the mortgagor shall pay to flee morl~ any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, or ce premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accord- ance with the provisions of the note secured .hereby, full payment of the .entire indebtedness represented thereby, the mortgagee shall, in - computiag the amount of such indebtedness, credit to We account of the mortgagor all payments made under the provisions of (a) of para- graph 2 hereof which We mortgagee has not become obligated to pay to the Secretary of Roaring and Urban Development and any balance remaining in the funds accumulated under the provisions of (b) of said paragraph 2. if there shall be a default under any of the provisions of this mortgage, result~'ng in a public sale of the premisca covered hereby, or if the mortgagee acquires the property otherwise after do- fault, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise ac quired, the balance then remaining in the funds accumulated under (b) of paragraph 2 precxdiag as:credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payments which ahali have been made under (a) of said paragraph. 4. That he will pay ap taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same;:red that he will promptly deliver the official receipts therefor to the mortgagee. S. That he will permit, wmmit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and Wose to be erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem eeeceaary for the proper presemtion Were- of, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgagee. 6. That he will p:y a!1 and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs o[ abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreements and covenants of said pfomissory note and this mortgage, and said costs, charges, sad expenses shall be immediately due and payable and shall be natured by the lien of this mortgage. 7. That be we71 keep the improvements now existing or hereafter erected on the mortgaged property insured as may 6e required from time to time by the mortgagee against loss by fire and other hazards, casualities, and contingencies in such :mounts and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not been made heninbefore. All inauance :hall be carried in companies approved by mortgagee and the policies sad renewals thereof shall be held by mortgagee and bare attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In Brent of loss he will give immediate notice by mae~ to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each in- surance company condxrned is hereby :uWorized .and directed to make payment for such lass directly to mortgagee instead of to mortga- gor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduce lion of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. g. That if the premises, or any part thereof, be condemned under soy power of eminent domain, or acquired for a public use, the damages, proceeds, and the consideration for such acquisition, to the extent of the full amount of indebtedness upon this Mortgage, and the Note secured herby remaining unpud, an hereby assigned by the Mortgagor to the Mortgagee and shall be paid forthwith to the Mort- gagee to be applied by it on account of the indebtedness secured hereby, whetter due or not. - 9. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction therwf for the appointment of a receiver, and wch court shall forthwith appoint a receiver of We premises covered hereby all and singular, including all and singular fire income, Qrofits, iswes, and revenues from whatever source dermed, each and every of which, it being expressly under- stood, is herby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and wch appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and that such rents, profits, in- come, issues, and revenues shall be applied by such receiver aceording to the lien of this mortgage and the practice of such court. In the event of any default on the part of the mortgagor hereunder, We mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to ono-tweltth (1/12) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, sad inwrance premiums for such year not covered by the aforesaid monthly payments. 10. That (a) in We event of any beach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of acid sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event Wet each and every the sti- - pulatioas, agreements, conditions, and covenants of said note and Wis mortgage, are not duly, promptly, and fully performed; Wen in either or any sucle event, We said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forWwiW, or thereafter, at the option of said mortgagee, as fully and completely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the con- trary notwithstanding; and thereupon or Wereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and We said premises shall be sold to satisfy and pay the acme togeWer wiW costs, expenses, and allowances. In case of partial foreclosure of this mortgage, We mortgaged premises shall be sold subject to We continuing lien of Was mort- gage for the amount of the debt not then due and unpaid. In such cane We provisions of this paragraph may again be evaded of thereafter from time to time by We mortgagee. -t° t af~ ; c NUl~9ZirOM (5.79) t~